Three types of composites were tested for electromagnetic interference (EMI) absorption shielding effectiveness, the curing process, and their physical–mechanical properties. For the first type of composites, nickel–zinc ferrite, manganese–zinc ferrite, and both fillers in their mutual combinations were incorporated into acrylonitrile–butadiene rubber. The overall content of the filler, or fillers, was kept at 200 phr. Then, carbon black or carbon fibers were incorporated into each rubber formulation at a constant loading of—25 phr, while the content of magnetic fillers was unchanged, at —200 phr. This work focused on the understanding of correlations between the electromagnetic shielding parameters and electrical conductivity of composites in relation to their EMI absorption shielding effectiveness. The absorption shielding abilities of materials were evaluated within a frequency bandwidth from 1 MHz to 6 GHz. This study revealed good correlation among permittivity, conductivity, and EMI absorption effectiveness. Although the absorption shielding efficiency of composites filled only with ferrites seems to be the highest, the absorption maxima of those composites reached over 6 GHz. The application of carbon-based fillers resulted in the higher electrical conductivity and higher permittivity of composites, which was reflected in their lower absorption shielding performance. However, the composites filled with ferrites and carbon-based fillers absorbed electromagnetic radiation within the desired frequency range. The presence of carbon-based fillers caused improvement in the tensile behavior of composites. This study also demonstrated that the higher the ratio of nickel–zinc ferrite in combined magnetic fillers, the better the absorption shielding efficiency.